Home loans for first home buyers can be beneficial to potential home owners and often come with added perks that make the home buying process a little easier.
Lenders are known to offer certain incentives to get first time home buyers to come to them and use their loan options over their competitors.
To qualify as a first time home buyer you need to have never purchased property before or be with a spouse who has never purchased a home before.
You or your spouse can also not co-own any properties in Australia. You must be an Australian citizen or permanent resident in Australia and be at least 18 years of age or older.
If you meet this criteria, you may qualify for a first home buyer loan. It goes without saying, buying your first home is an exciting (but challenging) journey. Why not have the team at Fox Finance Group support you along the way?
Getting your first home loan can be a complex process, but there are several steps you can take to improve your chances of success:
Before applying for a home loan, it's a good idea to check your credit score to make sure there are no errors or issues that could impact your ability to qualify for a loan. If your credit score is low, you can work to improve it, such as paying off debts and making payments on time. As part of our services, we provide a free credit report when you supply your application documents.
Having a larger deposit can help you qualify for a better loan and lower your monthly payments. Aim to save at least 10% to 20% of the home's purchase price for a deposit.
Getting pre-approved for a home loan can help you understand what type of house you can afford, and make the home buying process smoother. It also shows sellers that you're serious about buying.
Mortgage brokers at Fox Finance Group can help you navigate the home loan process, understand your options, and find the best loan for your needs. They can also help you secure better rates and terms and provide expert advice throughout the process.
Overall, getting your first home loan requires careful planning, research, and preparation. By taking the time to understand your options and work with the right professionals, you can make your dream of homeownership a reality.
Saving money for your first home loan deposit is an important step in obtaining the home you want. Your lender will almost always require a deposit and a general goal is to save as much as 20% of the property value by the time you’re ready to buy a house.
If you can save this much, it will likely prevent you from having to pay Lenders Mortgage Insurance.
In the event of a First Home Guarantee, you shouldn't have to pay Lenders Mortgage Insurance even if you only put 5% down. But, there is no guarantee that you will qualify for it.
Also keep fees like stamp duties, application, and conveyancing costs in mind as part of your application process.
If you're a first-time homebuyer, speaking to a mortgage broker from Fox Finance Group can be a smart move. Our Mortgage brokers have access to a wide range of lenders and loan products, and can help you find the best loan for your financial situation.
We can also provide expert guidance and advice on the home buying process, helping you understand the various costs and fees associated with buying a home.
Our home loan brokers can help you navigate the complex application process, gather the necessary documentation, and secure the best possible rates and terms.
By working with a local mortgage broker, you can ensure that you're making informed decisions and getting the most out of your first home buying experience. If you're ready to take the first step toward homeownership, consider speaking to a Fox Finance Group Lending Specialist today.
Applying for home loan pre-approval can give you a good idea of how much you could afford to borrow, so you know your limits when searching for your dream home.
The first step of any home buying process is to receive a home loan pre-approval. We’ll walk you through the steps of getting you pre-approved. That way, you have an idea of how much money you’ll be able to spend on the home of your dreams. Not knowing how much you can afford is a scary situation to find yourself in. Making a commitment to purchase a home without knowing this ahead of time is never a smart decision. Let the team at Fox Finance Group walk you through this step-by-step. We’ll give you the freedom of choice and peace of mind that comes from knowing you can afford the homes you’re looking at, based on your debt-to-income ratio.
Apply for pre approvalWhether you’re buying your first home, next home, an investment property, renovating or refinancing, we can help you make your next move with confidence.
Variable rate home lending occurs when the interest rate on your home loans changes over time. These interest rates change as the market changes and, as a result, your home mortgage payments will change as well. As interest rates fall, so will your mortgage payment. As interest rates increase, so will your mortgage payment. The upside to these types of loans is that you generally get better perks when you apply, such as lower introductory rates for a specified period of time. The downside is the unpredictability of these loans and inability to forecast future rates.
Apply for a home loanFixed rate home loans give you the certainty of knowing what your repayments will be during the fixed period.
Home loan interest rates that are fixed do not fluctuate with the market. You’re locked in at the interest rate you received when you were approved. This will result in your payments being the same over time unless you refinance. The positive side of this is that you know exactly what your monthly mortgage payment will be, so you can plan and budget for it accordingly. These loans are less flexible and will not fall during a market where interest rates are declining. People who have fixed rate loans will need to refinance if they want to get a lower interest rate later on during the loan period.
Apply for a home loanCan’t decide between a variable or fixed home loan? You might consider splitting your home loan into part fixed, part variable rate so you can benefit from both certainty and flexibility.
A split loan is a hybrid of the two options. Part of your loan will be dedicated to a fixed interest rate and part of it will be a variable interest rate.
Apply for a loanLower repayments during the interest-only period could help you save more or pay off other more expensive debts.
Interest Only Home Lending is when you pay only the interest for the first number of years during the loan. This will make your mortgage payments lower on the front end but higher on the back end of the loan. There are positives to these types of home loans if you’re trying to buy a second home that may become your permanent home. Paying only the interest will allow you to continue paying the first mortgage while contributing to the second one.
Apply for a home loanAn equity loan lets you borrow against the equity in your home. You could unlock equity to fund a renovation, investment property or more.
A Home Equity Release is a loan that allows you to leverage the equity you have in your home to make improvements. Those changes may help you sell your home for more money someday. It can fund home renovations and you can even use it on a second property. Equity is the difference between the value of your home in the current market and the amount of money remaining on your loan. When you’re paying off a home loan, the equity grows. If your property is increasing in value, the equity you have in your home will increase as well. For example, if you purchased a home for $450,000 and deposited $100,000, you then have $100,000 worth of equity in that house. If the value of the home increases to $500,000, and you pay another $50,000 over time on the house, you then have $200,000 in equity. You can refinance up to 80% of the value of the property and subtract the amount you owe to figure out what you would be eligible for in a home equity loan.
Apply for an equity loanApplying for home loan pre-approval can give you a good idea of how much you could afford to borrow, so you know your limits when searching for your dream home.
The first step of any home buying process is to receive a home loan pre-approval. We’ll walk you through the steps of getting you pre-approved. That way, you have an idea of how much money you’ll be able to spend on the home of your dreams. Not knowing how much you can afford is a scary situation to find yourself in. Making a commitment to purchase a home without knowing this ahead of time is never a smart decision. Let the team at Fox Finance Group walk you through this step-by-step. We’ll give you the freedom of choice and peace of mind that comes from knowing you can afford the homes you’re looking at, based on your debt-to-income ratio.
Apply for pre approvalWhether you’re buying your first home, next home, an investment property, renovating or refinancing, we can help you make your next move with confidence.
Variable rate home lending occurs when the interest rate on your home loans changes over time. These interest rates change as the market changes and, as a result, your home mortgage payments will change as well. As interest rates fall, so will your mortgage payment. As interest rates increase, so will your mortgage payment. The upside to these types of loans is that you generally get better perks when you apply, such as lower introductory rates for a specified period of time. The downside is the unpredictability of these loans and inability to forecast future rates.
Apply for a home loanFixed rate home loans give you the certainty of knowing what your repayments will be during the fixed period.
Home loan interest rates that are fixed do not fluctuate with the market. You’re locked in at the interest rate you received when you were approved. This will result in your payments being the same over time unless you refinance. The positive side of this is that you know exactly what your monthly mortgage payment will be, so you can plan and budget for it accordingly. These loans are less flexible and will not fall during a market where interest rates are declining. People who have fixed rate loans will need to refinance if they want to get a lower interest rate later on during the loan period.
Apply for a home loanCan’t decide between a variable or fixed home loan? You might consider splitting your home loan into part fixed, part variable rate so you can benefit from both certainty and flexibility.
A split loan is a hybrid of the two options. Part of your loan will be dedicated to a fixed interest rate and part of it will be a variable interest rate.
Apply for a loanLower repayments during the interest-only period could help you save more or pay off other more expensive debts.
Interest Only Home Lending is when you pay only the interest for the first number of years during the loan. This will make your mortgage payments lower on the front end but higher on the back end of the loan. There are positives to these types of home loans if you’re trying to buy a second home that may become your permanent home. Paying only the interest will allow you to continue paying the first mortgage while contributing to the second one.
Apply for a home loanAn equity loan lets you borrow against the equity in your home. You could unlock equity to fund a renovation, investment property or more.
A Home Equity Release is a loan that allows you to leverage the equity you have in your home to make improvements. Those changes may help you sell your home for more money someday. It can fund home renovations and you can even use it on a second property. Equity is the difference between the value of your home in the current market and the amount of money remaining on your loan. When you’re paying off a home loan, the equity grows. If your property is increasing in value, the equity you have in your home will increase as well. For example, if you purchased a home for $450,000 and deposited $100,000, you then have $100,000 worth of equity in that house. If the value of the home increases to $500,000, and you pay another $50,000 over time on the house, you then have $200,000 in equity. You can refinance up to 80% of the value of the property and subtract the amount you owe to figure out what you would be eligible for in a home equity loan.
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Enter some basic details about your home loan enquiry in our simple online form.
Discuss your home loan preferences and application information with our friendly Home Lending Specialists.
Your Home Lending Specialist will guide you through all details of your mortgage pre-approval.
Once everything is verified, we’ll discuss your loan contracts together for you to then sign.
Your loan funds will be processed by the lender when settlement is finalised. It's that simple!
Enter some basic details about your home loan enquiry in our simple online form.
Discuss your home loan preferences and application information with our friendly Home Lending Specialists.
Your Home Lending Specialist will guide you through all details of your mortgage pre-approval.
Once everything is verified, we’ll discuss your loan contracts together for you to then sign.
Your loan funds will be processed by the lender when settlement is finalised. It's that simple!
Banks and other home loan financiers do consider your income, as well as other criteria, before approving a loan application. On average, banks will lend up to 95% of the value of property. This is known as the Loan-to-Value ratio (LVR). Talk to our team of Home Loan Specialists for a free servicing calculation to help determine your borrowing power. Contact our friendly team or apply now – its obligation free.
The deposit amount for a home loan really depends on the property that you are looking to buy. Lenders tend to look for a minimum of 5% deposit (plus upfront fees). As an example: if you are looking to buy an $800,000 home, you will need to have $40,000 deposit available. However, we do have many approved lenders on our panel who all have different lending criteria. Speak to our Home Loan Specialists so we can help you find the right home loan for your circumstances. Call us now or enquiry about a home loan online – its obligation free.
Guarantors are responsible for paying back the “guaranteed loan” or the entire home loan if the borrowers cannot afford to make their loan repayments. The guarantor’s level of responsibility for the loan depends on the type of guarantee they are providing – for example a Limited Guarantee, or an Unlimited Guarantee. To be a Guarantor, the lender will consider your application in a similar way to the main parties to the loan. Generally speaking, it is usually a parent or close relative that would put their hand up to take on this responsibility.
Your mortgage repayments will depend on the amount that you borrow, and interest rate of the home loan. Use our home loan repayment calculator to get an indication of your repayments – or have an obligation free chat to our Home Loan Experts today. Call us now – we’d love to help you work out what your repayments will look like.
Home loan rates are determined on a case-by-case basis, dependant on several factors. It can be a minefield for homeowners. That’s why it’s a great idea to let our Home Loan Specialists do all the hard work for you! We’ll find you the best home loan rate available for your circumstances – guaranteed! We’ll help you to secure the best rate on the market by working through all of the aspects that determine rates: your deposit amount, your loan term, your credit history, your income and many other factors. We’ll make the process easy for you – call us now or apply now to fast track the process – its obligation free.
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